Q3 2026 Ocean Power Technologies Inc Earnings Call Transcript
Key Points
- Backlog reached a record $19.9 million, reflecting strong engagement with government and commercial customers globally.
- Pipeline expanded to almost $164 million, indicating growing interest in OPT's offerings.
- OPT secured a $6.5 million award from the Department of Homeland Security, positioning its PowerBuoy systems within next-generation defense sensing networks.
- The company is advancing scalable autonomy infrastructure at sea, aiming to support long-duration missions without traditional logistics.
- OPT expanded its global operational footprint, including shipping autonomous service vehicles to Greece, enhancing its international presence.
- Revenue for the quarter was $0.5 million, down from $0.8 million in the same period last year, largely due to timing impacts from a US federal government shutdown.
- Gross profit for the quarter was a loss of $0.8 million, compared to a profit of $0.2 million in the prior year.
- Operating expenses increased significantly, driven by higher non-cash stock-based compensation and increased headcount.
- Net losses for the quarter were $11.4 million, up from $6.7 million in the same period last year.
- Cash used in operating activities increased to $19.9 million for the nine months ended January 31, 2026, compared to $14.6 million in the prior year.
Good morning, and welcome to the Ocean Power Technologies' third-quarter fiscal 2026 earnings conference call. A webcast of this call is also available and can be accessed by a link on the company's website at www.oceanpowertechnologies.com. This conference call is being recorded and will be available for replay shortly after its completion.
On the call today are Dr. Philipp Stratmann, President and Chief Executive Officer; and Bob Power, Senior Vice President and Chief Financial Officer. Following the prepared remarks, there will be a question-and-answer session.
Now I am pleased to introduce Bob Powers.
Thank you, and good morning. Last evening, post market close, we issued our earnings press release for the third quarter of fiscal 2026 ended January 31, 2026, and filed our Form 10-Q with the SEC. Our public filings are available on the SEC
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